Accounting glossary

Every accounting word on your Solo Superstars screens, in plain English: what it means, where it shows up, and what the app does about it.

Codes shown are the defaults a new workspace starts with. Yours may be renamed or renumbered — check Accounting › Chart of accounts. See the default chart of accounts.

A

Account class (account type): The five fundamental kinds of account: asset, liability, equity, revenue, and expense. Every ledger account is one of them.
Account code (account number, GL code): The four-digit number on a ledger account. The first digit tells you the class: 1 assets, 2 liabilities, 3 equity, 4 revenue, 5 cost of goods sold, 6–7 expenses, 8 other income, 9 other expenses.
Accounting method (tax method, tax accounting method, cash vs accrual): Cash or accrual: the basis your business files its tax return on. Set in the tax profile, separately from how reports open by default.
Account managed start date (managed start, account start date, opened on): The first date a particular bank or card account is included in Solo-managed books.
Accounts payable (AP, A/P, payables, what you owe): Bills you have received but not yet paid. A liability until the money leaves your bank.
Accounts receivable (AR, A/R, receivables, what you are owed): Invoices you have sent that customers have not paid yet. An asset, because the money is coming.
Accrual (accrued expense, accrued liability): Recording an expense you have incurred but not been billed for yet (or revenue earned but not invoiced), so the period is complete.
Accrual basis (accrual method, accrual accounting): Counting revenue when you send the invoice and expense when you receive the bill, whether or not money has moved. The alternative is cash basis.
Accumulated depreciation (accum. depr.): The running total of depreciation taken on a fixed asset. Shown as a negative asset so the balance sheet reads cost minus wear.
Adjusting entry (adjustment, AJE): A journal entry made at period end to fix timing: an accrual, a prepaid release, depreciation. Not tied to a bill or invoice.
Agent task (task, agent work item): A unit of work a teammate (Alison, Emma, Mark, Grace) has taken on: proposed, auto-approved, pending your review, done, or rejected.
Alison (accounting agent, AI bookkeeper): The accounting teammate. Categorizes bank transactions, drafts journal entries, watches for anomalies, and asks for approval before anything that moves money.
Anomaly (outlier, unusual activity): A transaction or total that departs from your own history enough to be worth a look: a duplicate charge, an outlier amount, a missing recurring payment.
Approval (approval card, pending review): A change Alison has prepared but will not apply until you say yes. Approving posts it; rejecting discards it and she remembers why.
Approved at (approval time, approved date): The timestamp when a person approved an Alison proposal or controlled action.
AR aging (aging report, accounts receivable aging, QuickBooks: A/R Aging Summary): Unpaid invoices bucketed by how overdue they are: current, 1–30, 31–60, 61–90 and over 90 days.
Asset disposal date (disposal date, retirement date): The date a fixed asset was sold, retired, lost or otherwise stopped being used by the business.
Audit trail (paper trail): The rule that nothing posted is ever edited or deleted. Corrections are new entries that reverse the old one, so both stay visible forever.
Auto-apply threshold (confidence threshold): The confidence a single-field suggestion needs before Alison applies it without asking. Whole-document extractions never auto-apply.
Auto-match (matching, bank feed matching): Alison pairing an imported bank transaction with the invoice payment, bill, transfer or payout it belongs to, by amount, date and payee.
Autonomy rate (automation rate): The share of bookkeeping actions Alison originated (auto-applied or proposed and approved) versus entered by hand. A supporting measure of how much work she carries.
Auto-reversing accrual (reversing accrual): An accrual that the app automatically reverses on the first day of the next period, so the actual bill can post normally.

B

Balanced entry (balance check): A journal entry whose debits equal its credits. The database refuses to save one that does not, so your books cannot drift out of balance.
Balance sheet (statement of financial position, QuickBooks: Balance Sheet): What you own, what you owe, and what is left over, as of one date. Assets always equal liabilities plus equity.
Bank account (account, financial account): A real place money lives: checking, savings, a credit card, a line of credit, cash on hand. Each one gets its own ledger account automatically.
Bank account vs ledger account (account vs category): A bank account is a real place money lives (checking, a card, a line of credit). A ledger account is a category in your books. Each bank account pairs with exactly one ledger account.
Bank reconciliation (reconcile, rec, QuickBooks: reconcile): Checking off your recorded transactions against a bank statement until the difference is zero, then locking that statement.
Bank register (register, account history): The running list of one bank account’s transactions with a balance after each line, like a checkbook.
Bank rule (categorization rule, QuickBooks: bank rule): "If the payee or descriptor looks like this, book it here." Rules run on every import; Alison proposes new ones from your corrections.
Bank transaction (bank line, transaction): One line from your bank: a deposit, a charge, a fee, a transfer. Imported from a statement, entered by hand, or synced.
Baseline (normal range): What "normal" looks like for an account or payee in your books, learned from recent months. Anomalies are measured against it.
Bill (vendor invoice, supplier invoice, QuickBooks: bill): An invoice a vendor sent to you. Recording it books the expense; paying it clears the payable.
Bill received date (received date, vendor invoice date): The date the business received a vendor bill and, on accrual basis, normally recognizes the expense and payable.
Bill status (bill lifecycle): Where a bill is: draft (still typing), received (committed, awaiting payment), or paid.
Book basis (books basis, journal basis): How the books themselves are recorded. Solo Superstars keeps one double-entry ledger on accrual; cash reports are calculated from it rather than kept as a second set of books.
Bookkeeping audit (books health check, integrity audit): A checklist of integrity probes over your books: uncategorized lines, clearing balances, unbalanced periods, stale receivables.
Books start date (first date managed in Solo, accounting boundary, cutover date): The first day Solo officially manages the workspace’s books and reporting.
Business time zone (workspace time zone, reporting time zone): The workspace time zone Solo uses to decide what “today” and “this month” mean.

C

Capitalize vs expense (capitalization threshold): Whether a purchase becomes a fixed asset depreciated over years (capitalize) or a cost of this period (expense). Price and useful life decide.
Card import (credit card statement import): Uploading a credit card statement so each charge becomes an already-paid expense on the card’s liability account.
Cash activity report (cash report, cash in / cash out): Money that actually moved through your bank accounts in a period: what came in, what went out, by category.
Cash basis (cash method, cash accounting): Counting revenue when money lands and expense when you actually pay. Simpler, and what most sole proprietors file on.
Categorization confidence (confidence score): Alison’s estimate, from 0 to 1, that her suggested account for a transaction is right. Shown on every suggestion.
Categorize (classify, code, assign a category): Telling a bank transaction which ledger account it belongs to. Alison does most of it; you confirm the uncertain ones.
Category variance (period comparison, month-over-month): A read-only comparison of each account across periods: this month vs last, same month last year, or every month of the fiscal year.
Chargeback (dispute, card dispute, payment dispute): Money a card processor takes back from you after a customer disputes a card payment with their bank. Usually comes with a separate dispute fee.
Chart of accounts (CoA, QuickBooks: Account list, account list): The list of buckets your money can be sorted into: assets, liabilities, equity, revenue, expenses. New workspaces start with a default set you can rename or extend.
Cleared (checked off, ticked, reconciled line): A transaction you have matched to a line on the bank statement during reconciliation.
Clearing account (suspense account, in-transit): A holding bucket for money in transit that should return to zero once both sides of a movement are recorded.
Closed-through date (close date, books closed through): The last accounting date protected by the current period lock.
Close exception (blocker, open item): Something that blocks a monthly close: an uncategorized transaction, an unreconciled statement, an unbalanced clearing account.
Close readiness probe (integrity check, close check): One of the automated integrity checks a close runs: trial balance foots, no uncategorized lines, clearing accounts at zero, no gaps in statements.
Close-ready (ready to close): The state where every check for a monthly close passes and the only thing left is your decision to close.
Closing balance (ending balance, statement balance): What the bank says the account held at the end of a statement. The number a reconciliation must reach.
Closing entry (close-out entry): The journal entry at year end that zeroes every revenue and expense account into retained earnings so the new year starts clean.
Completed at (completion time, completed date): The timestamp when a workflow, task, import or setup process finished.
Contra account (contra): An account that reduces another one on the same statement. Sales returns reduce revenue; accumulated depreciation reduces assets; owner draws reduce equity.
Cost of goods sold (COGS, cost of sales, direct costs): What the things you sold cost you to buy or make. Subtracted from revenue to get gross profit.
CPA handoff (tax handoff, accountant package, return package): The approved, versioned package of books, tax facts and evidence delivered to the accountant or tax preparer.
Created at (creation time, created date): The timestamp when a record was first saved in Solo.
Credit memo (credit note): A document reducing what a customer owes without returning cash, such as a discount after the fact or a goodwill adjustment.
Currency (ISO currency code): The money an invoice or account is denominated in. In this release, effectively USD.
Current fiscal year (working fiscal year, current FY): The fiscal year that contains the workspace’s selected working month.
Customer statement (account statement): A summary of one customer’s invoices, payments and balance due over a period.
Cutover checkpoint date (conversion checkpoint date, cutover balance date): The account-level date where historical statement evidence is tied to the opening position of Solo-managed books.

D

Debit and credit (Dr / Cr, debits and credits): The two sides of every entry. Debits increase assets and expenses; credits increase liabilities, equity, and revenue. Neither means good or bad.
Default chart (seed chart, starter accounts): The chart of accounts every new workspace starts with, numbered the way QuickBooks users expect. Yours may have been renamed or extended since.
Deposit (bank deposit): Money arriving in a bank account. One deposit may cover several customer payments, minus fees, so a deposit is not the same as a payment.
Deposit date (bank deposit date, payout date): The date a processor payout or group of receipts reached the bank account.
Depreciation (depreciation expense): Spreading the cost of a long-lived asset over the years you use it, instead of expensing it all at once.
Descriptor (bank memo, statement text): The raw text your bank prints on a transaction, like SQ *BLUE BOTTLE 0421. Alison turns it into a payee.
Difference (reconciliation difference, out of balance): During reconciliation, the statement ending balance minus what you have cleared. Zero means you can lock.
Disposal (sale of asset, retire an asset): Selling, scrapping or giving away a fixed asset. Removes its cost and accumulated depreciation and books any gain or loss.
Document match (receipt matching, vault match): Linking a bank transaction to the receipt, bill image or check that supports it, from the Document vault.
Double-entry bookkeeping (double entry): The system where every transaction touches at least two accounts, one debited and one credited, so the books check themselves.
Draft (unsent, unposted): A saved form that has not posted to the books yet: a draft invoice, quote, bill, or expense.
Draft link (prefilled draft): A link Alison gives you to a pre-filled form (a bill, expense, journal entry) instead of posting it herself, when the action needs your hands on it.
Due date (payment due date, deadline): The date by which an invoice, bill, tax payment or other obligation should be paid or completed.
Duplicate transaction (double import, duplicate): The same bank line imported twice, usually from overlapping statements. The importer warns before it happens.

E

Entity type (business structure, legal form): How your business is set up for tax: sole proprietor, single- or multi-member LLC, S corporation, C corporation. It decides which equity accounts and forms you get.
Equity section (owner’s equity section, net worth): The bottom of the Balance sheet: what the owner has put in, taken out, and kept as retained earnings.
Estimated tax (quarterly taxes, estimated payments): Quarterly income-tax payments owed when nobody withholds for you. The tax calendar shows the four dates.
External filing confirmation (filing confirmation, filed externally): Evidence recorded in Solo Superstars that a return was filed outside the app by the business or its tax professional.

F

Financial snapshot (dashboard, KPIs): A one-screen summary of cash, receivables, payables and this month’s income versus last, refreshed from the books.
Financial Watch (anomaly watch, spend watch): Alison’s standing check for unusual activity: a vendor charging twice, an expense far above its baseline, a deposit that never cleared.
Firm tax portfolio (tax portfolio, client tax dashboard): The accounting-firm view that compares tax-close progress, deadlines and blockers across all assigned clients.
Fiscal period (accounting period, period): A month or a year of your books that can be closed and locked as a unit.
Fiscal year (FY, financial year): The twelve months your books are measured over. Most solo businesses use the calendar year.
Fiscal year start month (first month of fiscal year, FY start month): The month that begins the workspace’s twelve-month financial reporting year.
Fixed asset (capital asset, PP&E, long-lived asset): Equipment, vehicles, furniture or property you will use for more than a year. Recorded at cost and depreciated, not expensed.
Form 1099-K (1099-K): The form a payment processor files reporting card and platform payments you received. Stripe handles it for payments through the app.
Form 1099-NEC (1099, nonemployee compensation): The form you file for each US contractor you paid $600 or more by cash, check or bank transfer during the calendar year. Card payments are excluded.

G

Gain / loss on disposal (gain on sale, loss on sale): The difference between what you got for a fixed asset and its net book value. Gain is other income; loss is other expense.
General ledger (GL, ledger, QuickBooks: General Ledger): Every journal line, grouped by account, in date order. The full history behind any number on a report.
Gross profit (gross margin (as an amount)): Revenue minus cost of goods sold. What is left to cover everything else.

H

Home state (business state): The state your business is based in. Drives your default sales-tax rate and which state forms the tax calendar shows.

I

Imported at (import time, imported date): The timestamp when a file or external record was brought into Solo.
Income statement (profit and loss, P&L, QuickBooks: Profit and Loss): Revenue, costs and expenses over a period, ending in net income. The report that says whether you made money.
Inflow / outflow sign (sign convention, debit/credit on a statement): Bank money in is positive and money out is negative. Card statements are flipped on import so charges read as outflows.
Information return (information reporting): A form that reports payments or other tax facts to a tax authority and recipient without calculating the business income-tax return.
Invoice (bill (to a customer), sales invoice): Your request for payment. Sending one books revenue and a receivable; the customer pays through the hosted link.
Invoice date (issue date, invoice issue date): The date an invoice is issued and, on accrual basis, revenue and receivables are recognized.
Invoice status (invoice lifecycle): Where an invoice is in its life: draft, sent, paid, or cancelled. Overdue is not a status — it is a sent invoice past its due date.

J

Journal entry (JE, transaction, QuickBooks: journal entry): The record of one event in your books, written as balanced debit and credit lines. Every invoice, bill, payment, and refund creates one behind the scenes.
Journal entry date (JE date, accounting date, entry date): The accounting date that determines which ledger period a journal entry affects.
Journal line (line item, posting line): One row of a journal entry: an account, a debit or credit amount, and an optional memo.

L

Learning memory (ledger hints, memory): What Alison has learned from your corrections: which payee goes where, which splits you prefer. You can read and delete it.
Ledger account (account, category, GL account): One row in the chart of accounts, such as Bank Charges. Not to be confused with a bank account, which is a real place money lives.
Line of credit (LOC, credit line, revolving credit): A bank facility you draw on and repay. Tracked as a liability bank account; statement payments split into principal, interest and fees.
Locked period (closed period): A month or year that has been closed. Its entries, reconciliations and reports are frozen.
Loyalty points liability (points balance): What outstanding loyalty points are worth if every customer redeemed them. Redemptions post as contra-revenue, never as cash.

M

Match candidate (suggested match): A possible pairing between a bank line and an existing payment, bill or document that Alison proposes but is not sure about.
Minor units (cents, integer amounts): Cents. The app stores every amount as a whole number of cents and only shows dollars and decimals on screen.
Monthly close (books close, close the books, month-end close, QuickBooks: close the books): Declaring a month finished: everything categorized, statements reconciled, then locked so nothing older can change.

N

Net income (profit, bottom line, net profit): Revenue minus every cost and expense. Rolls into retained earnings at year end.

O

OCR extraction (snap, receipt scanning, document AI): Reading a receipt or bill image into fields (vendor, date, total, tax). The app always shows you the result to confirm before saving.
Opening balance (starting balance, beginning balance): What a bank account held on the day you started tracking it in Solo Superstars, or on the first day of a statement.
Opening balance equity (QuickBooks: Opening Balance Equity, OBE): The account that absorbs the other side of opening balances so the first day still balances. Should net to zero once setup is done.
Opening balances as-of date (opening balance date, conversion balance date): The date on which balances brought into Solo are measured: one day before the Books start date.
Operating expense (OpEx, overhead): The cost of running the business: rent, software, meals, insurance, payroll. The 6000–7999 accounts.
Operating profit margin (operating margin, operating income margin): Operating profit as a percentage of net revenue. It shows how much of each sales dollar remains after the costs of running the core business.
Other income / expense (non-operating, below the line): Money earned or spent outside normal operations: bank interest earned, interest paid, penalties, reconciliation discrepancies.
Overpayment (credit balance, unapplied payment, unapplied customer payment): A payment larger than what the invoice owed. The excess is money you hold for the customer, not revenue.
Owner contribution (capital contribution, owner investment): Money or assets you put into the business as the owner. Not revenue; it raises your equity.
Owner draw (draw, distribution, owner withdrawal): Money you take out of the business for yourself. Not an expense and not salary; it reduces equity.
Owner-equity rollup (draw rollup, equity close): The year-end step that folds the year’s owner draws and estimated tax payments into Owner’s Equity so those accounts restart at zero.
Owner-paid expense (paid personally, out of pocket): A business cost you paid from personal money. Booked as an expense with the owner’s contribution as the other side.
Owner's equity (equity, net worth, capital): What the business is worth to you on paper: what you put in, minus what you took out, plus profit kept over the years.

P

Paid date (paid at, fully paid date): The date an invoice or bill became fully paid.
Partial payment (installment): A payment for less than the invoice balance. The invoice stays open with the remaining amount due.
Party (contact): The unified word for any contact you trade with. A party can be a customer, a vendor, or both.
Payee (counterparty, merchant): Who a bank transaction was really with, resolved from the descriptor. One payee can have many descriptors.
Payment (receipt, customer payment): Money received against an invoice, by card, bank transfer, check, cash or other method. Clears the receivable.
Payment date (date paid, date received): The date money was actually paid or received.
Payment link (hosted invoice, pay page): The hosted page a customer opens from an invoice email to pay by card. Powered by your connected Stripe account.
Period lock (closed through, closing date, QuickBooks: closing date): The date on or before which no entry can be posted. Set by a close; lifted only by reopening the latest period.
Placed-in-service date (in-service date, depreciation start date): The date a fixed asset became ready and available for business use, which starts depreciation.
Posting (post, posted): The moment a journal entry becomes part of your books and starts affecting reports.
Posting date (bank posting date, posted date): The date a bank or processor officially records a transaction in its own account activity.
Prepaid amortization (prepaid expense amortization, prepaid release): Moving a prepaid asset into expense a little at a time as you use the service you paid for in advance.
Prepaid expense (prepayment, prepaid): Something you paid for ahead of time, like annual insurance. Sits as an asset and is released to expense month by month.
Prepaid schedule (amortization schedule (prepaid)): The plan that releases a prepaid amount to expense evenly over its months, posting an adjusting entry each period.
Processor clearing (QuickBooks: Undeposited Funds, clearing): Where a card payment waits between the customer paying and the processor depositing it, net of fees, into your bank. One clearing account per processor.
Processor fee (card fee, merchant fee, transaction fee): What Stripe, Square or PayPal keep from a card payment. Booked as an expense so revenue stays gross.
Processor fee gross-up (gross-up, fee gross-up): When a bank deposit is net of fees, the app records the full sale and the fee separately instead of a smaller sale.
Processor payout (Stripe payout, settlement): A deposit from Stripe, Square or PayPal that bundles several customer payments minus fees. Matching it empties the clearing account.
Purchase order (PO): A formal order sent to a vendor before the bill arrives. Tracked for inventory receipts; it books nothing until goods are received.

Q

Quick expense (expense, receipt entry): A purchase you already paid for, entered in one screen. Books the expense straight against your bank account and skips accounts payable.
Quote (estimate, proposal, QuickBooks: estimate): A price proposal. Looks like an invoice but books nothing until the customer accepts and you convert it.
Quote accepted date (estimate accepted date, accepted at): The timestamp when a customer accepted a quote.
Quote date (estimate date, quote issue date): The date a quote or estimate was issued to a prospective customer.

R

Receipt (proof of purchase): Proof of a purchase you already paid. In the app, the photo or PDF attached to a quick expense or bill.
Reconciled date (reconciliation completed date, locked date): The date or timestamp when a statement reconciliation was completed and locked.
Reconciliation discrepancy (discrepancy, reconciliation adjustment): A small, explained gap you accept to finish a reconciliation instead of hunting for it. Posted to its own account so it stays visible.
Reconciliation lock (lock, finish reconciliation): Finishing a reconciliation at difference zero freezes its cleared lines so they cannot be changed without reopening.
Reconciliation period (statement period, reconcile period): The statement start and end dates whose activity is being tied to an account balance.
Reconciliation report (rec report): The record of a finished reconciliation: statement balance, cleared lines, uncleared lines, and who locked it when.
Refund (reimbursement to customer): Money returned to a customer. Recorded as a negative payment against the original so the invoice’s net stays right.
Refund date (refunded at): The date a refund was issued, received or recorded in the books.
Reimbursable expense (billable expense, pass-through cost): A cost you paid on a customer’s behalf that you will bill back to them.
Reopen (undo reconciliation): Unlocking the most recent reconciliation of an account so its lines can be corrected, then reconciling again.
Reopen period (unlock, reopen month): Unlocking the most recently closed month (or year) to make a correction, then closing it again.
Reporting view (reporting basis, default reporting basis, cash vs accrual view): Whether a profit-and-loss report counts revenue and expenses on cash or accrual timing. It changes how the report reads, never what the books contain.
Retained earnings (accumulated profit): Profit the business has kept over the years rather than paid out. Each year-end close moves net income here.
Retained earnings rollup (income rollup): The part of the year-end close that moves the year’s net income into Retained Earnings.
Revenue (income, sales, turnover): What you earn from customers before any costs: product sales, services, shipping charged. The top line of the Income statement.
Reversing entry (reversal): A mirror-image journal entry that cancels an earlier one without deleting it. How every correction is made, so both entries stay in the history.
Review queue (bank review, needs review, for review): Bank transactions Alison was not confident enough to categorize on her own, waiting for your call.
Roll-forward check (roll forward, continuity check): A year-end probe confirming that last year’s closing balances equal this year’s opening balances for every balance-sheet account.
Rule optimizer (bank rule suggestions): Alison’s review of your bank rules and corrections: proposes new rules for repeated patterns and flags rules that fire wrongly.
Running balance (balance after): The account balance after each transaction, in order. If a statement’s running balance skips, a line is missing.

S

Sales tax (state sales tax): Tax you collect from customers on behalf of a state and pass on. It is never your revenue; it sits as a liability until remitted.
Sales tax collected (tax collected): The total tax you have added to invoices and customers have paid in a period, by state. What you owe the state.
Sales-tax filing period (sales-tax period, reporting period): The month, quarter or year of taxable sales covered by one sales-tax return.
Sales tax nexus (nexus, economic nexus): A state where you have enough presence or sales that you must collect its sales tax. Set your nexus states and rates apply automatically.
Sales tax remittance (remit sales tax, sales tax payment, filing): Paying collected sales tax to the state. Clears the liability and records the payment in one step.
Sales tax report (sales tax summary, QuickBooks: Sales Tax Liability report): Taxable sales, non-taxable sales and tax collected by state for a period. What you copy onto the state return.
Schedule C (Form 1040 Schedule C, profit or loss from business): The IRS form where a sole proprietor or single-member LLC reports business profit or loss. The app maps your accounts to its lines.
Sent date (sent at, delivery date): The timestamp when an invoice, quote, reminder or message was actually sent.
Service date (date of service, delivery date): The date goods were delivered or services were performed, when that differs from the document date.
Shipment date (shipped date, fulfilled date): The date inventory left the business for delivery to the customer.
Shop-origin invoice (shop order invoice): The invoice created automatically when a customer buys through your storefront. Same books as a manual invoice, different origin.
Source document (supporting document, backup): The receipt, invoice, statement, or contract that proves a transaction happened and where its numbers came from.
Split transaction (split): One bank line booked to more than one account, like a store run that was part supplies, part meals.
Statement end date (statement closing date, period end): The final date covered by a bank or card statement and the date of its closing balance.
Statement ending balance (ending balance, statement balance): The closing balance printed on the bank statement you are reconciling against. The target the cleared lines must reach.
Statement import (CSV import, PDF import, bank upload): Uploading a bank or card statement (CSV or PDF). The importer checks that opening balance plus activity equals the closing balance before anything is saved.
Statement opening-balance date (statement beginning-balance date): The boundary immediately before statement activity begins, at which the printed opening balance applies.
Statement start date (statement from date, period start): The first date covered by a bank or card statement.
Store credit (shop credit, gift balance): A refund issued as credit the customer can spend with you later. A liability, not cash.
Suggestion vs auto (auto-apply, propose vs apply): The two ways Alison acts: apply a routine change herself (auto) or show it and wait (suggestion). Confidence and the kind of action decide which.
Supplier offer (vendor price, purchase price): A vendor’s quoted unit cost for a product you buy. Prefills bill lines and remembers the preferred supplier.

T

Tax calendar (tax deadlines, due dates): The upcoming filing and payment dates that apply to you: estimated taxes, sales tax returns, 1099 deadline.
Tax-calendar reminder date (tax reminder date): The scheduled date Solo warns the workspace about an approaching tax deadline.
Tax close (tax-year close, tax readiness close): The controlled process of resolving tax requirements, freezing the prepared facts and handing an approved package to the filer.
Tax-close revision (tax revision, handoff revision): A new version of a prepared tax workstream created when facts change after an earlier handoff.
Tax-exempt (exempt, non-taxable): A customer or line item that sales tax does not apply to, such as a reseller with a certificate or a non-taxable service.
Tax filing due date (filing deadline, tax deadline): The official deadline for filing a tax return, form or required report.
Tax preparation (tax prep, tax readiness): The guided workspace for completing tax-year requirements after the books are ready and before an outside return is filed.
Tax profile (tax settings): Your entity type, accounting method, home state, fiscal year and nexus states. Most tax behavior in the app keys off it.
Tax rate (sales tax rate): The percentage applied to taxable lines for a given state. New workspaces start with a state-level rate for every US state.
Tax remittance date (tax payment date, remitted date): The date collected or owed tax was actually paid to a tax authority.
Tax requirement (checklist item, tax task): One trackable item in a tax workstream, with an owner, status, evidence and any blocking reason.
Tax Watch (tax alerts): Alison’s book-based tax warnings: a 1099 threshold crossed, sales tax collected in a state you have not set up, a quarterly date approaching.
Tax workstream (workstream, tax track): A group of related tax-close requirements that advances independently, such as information returns or income tax.
Tax year (filing year): The annual period used for a tax return or tax calculation.
Transaction date (activity date, effective date): The date the underlying purchase, sale, transfer or other economic event occurred.
Transfer (internal transfer, card payment (from checking)): Money moved between two of your own accounts. Not income, not expense; both sides are matched so it is booked once.
Transfer date (bank transfer date): The effective date money moved between two accounts belonging to the business.
Trial balance (TB, QuickBooks: Trial Balance): A list of every ledger account with its debit or credit total for a date range. The two grand totals must match.

U

Uncleared (outstanding, in transit): A recorded transaction that has not appeared on a bank statement yet, such as a check not yet cashed.
Unreconciled transaction (unreconciled): A posted bank transaction that has not been cleared on any reconciliation yet.
Updated at (last updated, modified at): The timestamp when a record was most recently changed.
Uploaded at (upload date, uploaded date): The timestamp when a document or attachment was added to Solo.

V

Vendor (supplier, payee): Someone you buy from. Vendors and customers share one contact list; a contact can be both.

W

Working month (current working month, working period, current books month): The month the workspace is currently viewing and working on for books, YTD figures and Alison’s analysis.
Write-off (bad debt, uncollectible): Giving up on an invoice that will not be paid. Removes the receivable and books the loss as bad debt.

Y

Year-end books archive (year-end package, books zip): A downloadable bundle produced by the year-end close: statements, trial balance, general ledger, reconciliation reports and source documents for the year.
Year-end close (annual close, fiscal year close, closing the year): Closing the fiscal year: zeroing revenue and expense accounts into retained earnings, rolling owner draws into equity, and locking the year.

Account codes

1000 Cash on Hand (petty cash): The default ledger account for physical cash: petty cash, the till, a cash drawer.
1010 Checking (checking account, operating account): The default ledger account paired with your primary business checking account. Most money in and out passes through it.
1099 vendor (contractor, 1099 contractor): A US contractor you must report on Form 1099-NEC if you paid them $600 or more in a calendar year by cash, check or bank transfer.
1099 year (1099 tax year): The calendar year used to total reportable payments to contractors for Form 1099 review.
1100 Accounts Receivable (A/R) (A/R, receivables): Money customers owe you for invoices you have sent but they have not paid. An asset, because the cash is coming.
1200 Inventory Asset (inventory, stock): The cost of goods you hold for sale. An asset until the item sells, when its cost moves to cost of goods sold.
1300 Undeposited Funds (QuickBooks: Undeposited Funds): The default holding account for customer payments received but not yet deposited to a bank account.
1310 Stripe Clearing (Stripe balance): Created when you connect Stripe: the net Stripe balance that customers have paid but Stripe has not yet paid out to your bank.
1390 Other Processor Clearing (PayPal clearing): The default clearing account for a payment processor other than Stripe or Square, such as PayPal.
1400 Prepaid Expenses (prepayments): Payments made in advance for something you will use later: annual insurance, a year of software, prepaid rent. An asset released to expense month by month.
1500 Furniture and Fixtures (furniture): The default fixed-asset account for long-lived furniture, shelving and fixtures. Recorded at cost and depreciated, not expensed.
1590 Accumulated Depreciation (accum. depr.): The running total of depreciation taken on all fixed assets. A contra asset, so the balance sheet reads cost minus wear.
2000 Accounts Payable (A/P) (A/P, payables): Money you owe vendors for bills you have received but not yet paid. A liability until the money leaves your bank.
2100 Credit Card (card balance): The default ledger account paired with a business credit card. What you have charged and not yet paid off.
2150 Customer Store Credit (store credit liability): Store credit you have issued to customers from returns or goodwill and they have not spent yet. A liability, not cash.
2200 Sales Tax Payable (sales tax liability): Sales tax you have collected from customers and not yet remitted to the state. Never your revenue; a liability until paid.
2410 Line of Credit (LOC, revolving credit): The outstanding principal on a revolving business line of credit. A liability that goes up when you draw and down when you repay.
2600 Customer Deposits (deferred revenue, retainer): Money customers paid before you delivered: retainers, deposits, prepaid orders. A liability until you earn it.
3000 Owner's Equity (owner equity, capital): The owner's overall stake in a sole proprietorship or single-member LLC. Contributions, draws and retained earnings roll into it over time.
3100 Owner's Investment (owner contribution, capital contribution, QuickBooks: Owner’s Investment): Money or assets you put into the business as the owner. Not revenue; it raises your equity.
3200 Owner's Draw (draw, distribution, QuickBooks: Owner’s Draw): Money you take out of the business for yourself. Not an expense and not salary; it reduces equity. A contra-equity account.
3220 Owner Estimated Tax Payments (estimated tax payments): Quarterly estimated income tax paid from business funds on behalf of a pass-through owner. A draw, not a business expense.
3300 Retained Earnings (accumulated profit): Profit the business has kept over the years rather than paid out. Each year-end close moves net income here.
3400 Opening Balance Equity (QuickBooks: Opening Balance Equity, OBE): The account that absorbs the other side of opening balances so your first day still balances. Should net to zero once setup is done.
4000 Sales of Product Income (product sales, sales): Revenue from selling physical goods. The default revenue account for shop orders and product lines on invoices.
4010 Services (service income, fees): Revenue from professional or consulting work. The default revenue account for service line items.
4070 Loyalty Redemptions (points redeemed): Contra-revenue for loyalty points customers redeem as non-cash tender at checkout. Reduces revenue without touching cash.
4900 Sales Returns & Allowances (returns, refunds): Contra-revenue for refunds on returned items, their tax and shipping. Keeps gross sales visible while reducing net revenue.
4950 Gain on Disposal of Assets (gain on sale): Income recognized when you sell or scrap a fixed asset for more than its net book value.
5000 Cost of Goods Sold (COGS, cost of sales): The direct cost of the inventory you sold. Subtracted from revenue before operating expenses to give gross profit.
6010 Bank Charges (processing fees, merchant fees): Bank service fees, wire fees and card-processing charges. Where Stripe and Square fees land by default.
6011 Platform / Software Fees (platform fee, application fee): Solo Superstars’ own application fee on Stripe Connect payments, kept apart from bank charges so you can see it.
6030 Contractors (1099 contractors, freelancers): Payments to independent contractors. The account the 1099 report watches.
6205 Business Meals (meals, meals and entertainment): Meals with a business purpose, subject to the Schedule C deduction limit. Alison recognizes common restaurant and café descriptors.
6500 Depreciation Expense (depreciation): The share of a fixed asset’s cost charged to this period. Booked by the depreciation run, never by hand.
6700 Bad Debts (bad debt expense, uncollectible): Invoices you have given up on collecting, written off as an expense.
6800 Uncategorized Expense (uncategorized, suspense): The holding account for expenses nobody has classified yet. A balance here at month end is a close exception.
6950 Loss on Disposal of Assets (loss on sale): The loss recognized when you sell or scrap a fixed asset for less than its net book value.
9000 Interest Expense (interest paid, finance charges): Interest paid on loans, credit cards and lines of credit. An "other expense", below operating expenses.
9200 Reconciliation Discrepancies (reconciliation adjustment): Small, explained gaps you accept to finish a bank reconciliation instead of hunting for them. Kept in its own account so they stay visible.